NU Online News Service
California's insurance commissioner said he plans to sue the state over its move to sell $1 billion in assets of the State Compensation Insurance Fund, which is intended to balance the state's budget.
In a statement, Commissioner Steve Poizner said he would file a lawsuit seeking to declare the sale unconstitutional. Such a move, he said, could lead to skyrocketing workers' compensation insurance costs for California's construction firms, agricultural industry and other small businesses.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
